Hakuhodo DY Holdings | Major Shareholders

(As of March 31, 2011)

	Name	Shares held	Percentage
1	The Hakuho Foundation	7,060,535	18.17
2	General Incorporated Association Hakusei-kai	2,027,000	5.21
3	Hakuhodo DY Holdings Employees’ Shareholdings Association	1,438,710	3.70
4	Motoko Nakamoto	1,255,000	3.22
5	The Asahi Shimbun Company	1,122,349	2.88
6	Nippon Life Insurance Company	986,680	2.53
7	Japan Trustee Services Bank, Ltd. (Trust Account)	945,310	2.43
8	Hakuhodo DY Holdings Inc.	890,055	2.29
9	Nippon Television Network Corporation	862,000	2.21
10	The Silchester International Investors International Value Equity Trust	704,600	1.81